back Back

UnionPay International taps BankservAfrica for card processing in South Africa

By Delisha Fernandes

December 08, 2023

  • ATMs
  • Bankservafrica
  • Card Payments
Share

BankservAfrica, UnionPay International, card processing, card payments, financial institutions, small businesses, ecommerce payment, ATMs, POS, Fintech news, Fintech AfricaUnionPay International (UPI) has appointed BankservAfrica as its domestic on-soil processor to fast-track affordable, accessible and innovative card payments for South Africans.

This new partnership will see BankservAfrica take on the reigns as a domestic processor for all of UnionPay’s card issuing and acquiring services across its current ATMs, POS and ecommerce payment channels.

“By joining forces with a mutual organisation that shares UnionPay International Scheme’s purpose of serving the best interests of communities, our offerings to the market, including our fees, are customised for the environment. Taking our approach of ‘share growth’, we can create an enabling marketplace that benefits all participants within the payments ecosystem including financial institutions, small businesses and retailers for the economy to thrive,” said Asad Burney, Head of UnionPay International Africa Branch.

Union Pay has taken the decision to partner with local infrastructure and in so doing support local on-soil capability creating additional economies of scale through existing card rails for South African payments participants.

This appointment supports the South African Reserve Bank’s directive to ensure sustainable and robust transaction processing on-soil in South Africa to promote and support local payments infrastructure to drive lower cost and innovation to better serve South Africans.

“We believe this first-of-its-kind partnership with UnionPay International is more than just domestic card processing, it’s about building the synergies to enhance the capabilities and broaden the scale for card payments among the emerging and new markets. Inviting innovation that caters for these segments will address the persisting financial inclusion challenge,” said Stephen Linell, Chief Executive Officer at BankservAfrica.

Previous Article

December 08, 2023

Modefin & Bank of Bhutan win the Most Agile Deployment Award at IBSi GFIA 2023

Read More
Next Article

December 08, 2023

IDFC FIRST Bank launches Digital Credit Cards on the RuPay Platform

Read More








IBSi Daily News Analysis

Fraud

February 23, 2024

ATMs

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Ebury and Nium team to offer cross-border payments in Brazil

Read More

Today

FinTech Focus: Catch latest developments of the week

Read More

Today

MultiPay teams up with Acquired.com to launch Pay By Bank

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023